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Has anyone ever voluntarily surrendered a vehicle to Santander

I was unaware of the business practices of Santander when I financed a vehicle with them. Now I owe twice the value on my car. I'm considering a voluntary surrender to get from under then note. I'm already in a new vehicle so I won't be looking to trade for a while. I'm looking for some information and advice.

What will most likely happen is they will sell the vehicle at auction. This will most likely be much less than what you owe so they will send you a bill for the difference (amount the sell it for - amount you owe) plus any fees. If you don't pay that bill it will go to collections.

In a situation like yours it's better to just quit paying and wait for them to take it. They are more likely to mess up on a technicality then. Voluntary or involuntary repo are legally the same-- it will wreck your credit and they can sue for repo fees and the balance that the sale of the car didn't cover.

Trading in a car that your upside down in is the worst thing to do especially if its a new car your buying since the value drops as soon as you drive off the lot with it. When you have a high rate the only thing you can really do is to pay extra every month towards the principle to pay it down faster.

Thank you everyone for your input. I have decided to put it up for sale and praying hard for a buyer. I know I'm going to have to pay the balance after it is sold but it makes me sick to think of ruining credit I have worked to obtain. Besides I don't feel morally right to deliberately default. It goes against all ny principles and teaching. I covet your prayer in this matter.

Thank you everyone for your input. I have decided to put it up for sale and praying hard for a buyer. I know I'm going to have to pay the balance after it is sold but it makes me sick to think of ruining credit I have worked to obtain. Besides I don't feel morally right to deliberately default. It goes against all ny principles and teaching. I covet your prayer in this matter.

Please tell me how you did it?"]you should've traded in the vehicle! thats what I did to get out of my loan. I owed 4 times the value! :-x. traded that sucker in for a new car and much better off and with a lower apr.[/quote]